My best wishes to small businesses affected: “Nigeria’s economic headwinds have taken a severe toll on small businesses, with the Association of Small Business Owners of Nigeria (ASBON) sounding the alarm on the dire situation faced by entrepreneurs in the country. In an exclusive interview with SaharaReporters, ASBON’s National President, Mr. Femi Egbesola, painted a grim picture of the devastating effects of the economic policies implemented under former President Muhammadu Buhari and President Bola Tinubu’s administrations”
In the last 12 months, Nigeria has distorted all dimensions of market equilibrium, and in the process scaled poverty at an unprecedented level. I am waiting for the economists to document what has happened, making sure we can learn as a nation. We lost N1.7 trillion manufacturing revenue in 6 months, and took down thousands of companies.
Yet, Nigerians have shown resilience and can always rise to the challenges. I call the government to redouble its efforts to motivate and inspire the nation for greatness. There is a case study we can all learn from, and that goes back to the end of the Biafran war.
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Ovim Community League (OCL) was conceived as a community development organization, to drive the development of Ovim after the war. They drew a roadmap to rebuild all schools, health centers, and the market. Many communities replicated that model, and rebuilt one by one.
We are at a peace time and that means these current setbacks can be easily overcome. Indeed, our leaders must do the needful urgently. I wish the nation Good luck.
Eight Million Small Businesses Have Closed in Nigeria From Jan 2023 to June 2024 – ASBON
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